Investors are putting too much emphasis on the PD-(L)1-naïve setting, IMO, behaving as though this were the entire I-O market. Inasmuch as PD-(L)1-containing regimens don't work for a majority of patients, a key value driver for all of the I-O companies is going to be finding what works for patients who fail PD-(L)1-containing regimens. It seems doubtful that Yervoy (or any CTLA-4 agent) will play a significant role for those patients.
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